About Ocean Freight-
Ocean freight (or sea freight) is the most common form of transport for importers and exporters, accounting for 90% of goods transported globally. Ocean freight may be popular are high shipping capacity, cheaper costs, and lower carbon footprint. The market for ocean freight has expanded as a result of rising trade volume and the need for affordable, effective transportation options. Trends in the Ocean freight market include increasing efficiency due to organization and increased visibility.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The Ocean freight market has shown substantial growth in recent years. The market is highly competitive with a few players occupying the major share. The key players are highly focused on developing and innovating new strategies to maintain their market position and customer base. The increasing volume of trade and the demand for low-cost and efficient transportation solutions have driven the growth of the ocean freight market. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launches, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Mediterranean Shipping Company (MSC) (Switzerland), Maersk (Denmark), CMA CGM (France), Hapag-Lloyd (Germany), HMM Co. Ltd (South Korea), Wan Hai Lines (Taiwan), IRISL Group (Iran), Unifeeder (Denmark), Matson (United States) and Emirates Shipping Line (United Arab) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Arkas Line (Turkey) and Regional Container Lines (RCL) (Thailand).
Segmentation Overview
AMA Research has segmented the market of Global Ocean Freight- market by Type (Container ship, Bulk carrier, Tanker, Cargo ship, Oil Tanker and Others) and Region.
On the basis of geography, the market of Ocean Freight- has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End User Industry, the sub-segment i.e. Oil and Gas will boost the Ocean Freight- market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Destination, the sub-segment i.e. Domestic will boost the Ocean Freight- market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Container Type, the sub-segment i.e. Dry Van shipping containers will boost the Ocean Freight- market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising demand for E-Commerce and Developing New Ocean Freight technology
Market Growth Drivers:
Developing economies' increased investment in port infrastructure
Challenges:
Limited Ship capacity and Regulatory Challenges in Certain Countries
Restraints:
Lack of infrastructure and Risks associated with ocean shipping are high
Opportunities:
Accuracy of GPS and Innovations in the shipping industry by productivity, efficiency, and capacity to carry goods
In November 2020, Maersk launched a new ocean shipping service to connect India–UAE–Saudi Arabia corridor Shaheen Express started. The ‘Shaheen Express will rotate between Mundra, Pipavav, Jebel Ali, Dammam, and Jebel Ali and back to Mundra, creating a stable and reliable service for the India-UAE-Saudi Arabia corridor. The new service aimed at addressing rising demand for customers trading between the Indian and the Gulf markets., and In July 2021, Matson Inc. launched an express vessel service into northern California designed to help U.S. importers move stranded shipments from China as the ocean container market experiences ongoing bottlenecks that are doubling normal delivery times and leading to stockouts for retailers. Matson is redeploying three small vessels, two with a capacity for 2,750 twenty-foot equivalent units as well as the 2,800-TEU Mahimahi. Matson was able to free up capacity by pulling from reserve vessels and adjusting its schedule.
Key Target Audience
Government Agencies, Shipping Companies, Government regulatory Authorities, Downstream Stakeholders, End User Industry, Customer and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.